Objectives

 

• Learn about the fundamental concepts and modeling capabilities for estimating and understanding the macroeconomic impacts of disasters 

• Learn about the available methodologies and tools for estimating economic resilience including businesses resilience

• Discussing the insurance sector role, use of risk information in financial resilience planning as well as the opportunities in response and recovery planning including post COVID recovery

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Abstract

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The evidence from past disasters as well as the current COVID-19 pandemic response highlight the macro-economic impacts of disasters that are far larger than the direct and immediate damages to physical assets. Understanding the direct and indirect economic impacts of disasters and the interdependency with social and environmental impacts is critical for incentivizing risk reduction investments and for designing plans and policies that are holistic and effective for building economic resilience.

 

In this session experts from Canada and the U.S. provide insights on the application of ex-ante estimation of the disasters’ macro-economic impacts, fundamentals of the economic resilience, and the role of sovereign risk financing and insurance industry in managing economic impacts of disasters including the response to COVID-19 pandemic in Canada.

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Contributors:

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Convened by Ms. Sahar Safaie, Sage On Earth Consulting and member of DRR Pathways Project Team.

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Moderated by Ms. Malaika Ulmi, Scientific Planning Officer, Natural Resources Canada.

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Speakers:

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• Dr. Adam Rose, US lead researcher (Director of the Center for Risk and Economic Analysis of Terrorism Events and Research Professor in the Price School of Public Policy at the University of Southern California)

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• Mr. Paul Kovacs, Founder and Executive Director of the Institute for Catastrophic Loss Reduction (ICLR)

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